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Tony
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http://www.webmproject.org/ WebM is an open, royalty-free, media file format designed for the web.

WebM includes:
* VP8, a high-quality video codec we are releasing today under a BSD-style, royalty-free license
* Vorbis, an already open source and broadly implemented audio codec
* a container format based on a subset of the Matroska media container

Mozilla, Opera and Google are behind WebM, even IE9 will have support if the VP8 codec is installed.

http://hacks.mozilla.org/2010/05/firefox-youtube-and-webm/
http://blogs.msdn.com/ie/archive/2010/05/19/another-follow-up-on-html5-video-in-ie9.aspx

CupidsToejam
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YouTube is converting all new

YouTube is converting all new videos to this format also.

Tony
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Most of the major players are

Most of the major players are behind it apart from, the new bad boy on the block:
http://www.guardian.co.uk/technology/blog/2010/may/20/apple-steve-jobs-vp8-patent
It would be nice to have Apple get behind this and think about the industry as a whole not just there business.

Chris..S
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It might be open sourced, but

It might be open sourced, but it might be subject to patent and it probably is crappy compared to h264. http://x264dev.multimedia.cx/?p=377

The real win is to keep pressuring MPEG-LA to open h264 patents.